Gold climbs above $4,600 for first time on geopolitics, Fed probe

ISTANBUL

Gold rose to a new all-time high of $4,610.83 an ounce on Monday, rising around 2.2%, as investors flocked to safe havens amid a flurry of geopolitical and policy shocks in recent days.

After hitting the all-time high level, the price of gold was at around $4,608.2 per ounce as of 1320GMT, gaining around 71.5% on an annual basis.

Silver prices also rose more than 6.8% to $85.5, which is a historically high level. Silver soared around 181% during the last 12 months.

The demand for safe havens climbed due to worries about the US Federal Reserve’s independence, and geopolitical issues such as Venezuela and Iran.

Fed Chair Jerome Powell stated on Sunday night that federal prosecutors are looking into both Powell's testimony to Congress and a $2.5 billion renovation of the Fed's Washington headquarters.

The probe, according to the Fed Chair, is the result of President Donald Trump's long-standing dissatisfaction with the Fed's unwillingness to lower interest rates as swiftly or forcefully as he has demanded.

ISTANBUL

Gold rose to a new all-time high of $4,610.83 an ounce on Monday, rising around 2.2%, as investors flocked to safe havens amid a flurry of geopolitical and policy shocks in recent days.

After hitting the all-time high level, the price of gold was at around $4,608.2 per ounce as of 1320GMT, gaining around 71.5% on an annual basis.

Silver prices also rose more than 6.8% to $85.5, which is a historically high level. Silver soared around 181% during the last 12 months.

The demand for safe havens climbed due to worries about the US Federal Reserve’s independence, and geopolitical issues such as Venezuela and Iran.

Fed Chair Jerome Powell stated on Sunday night that federal prosecutors are looking into both Powell's testimony to Congress and a $2.5 billion renovation of the Fed's Washington headquarters.